EX-12.1 3 q22016exhibit121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
 
STATEMENT REGARDING COMPUTATION
OF RATIO OF EARNINGS TO FIXED CHARGES
 
MANPOWERGROUP INC.
 
(in millions)


 
6 Months Ended
 
 
June 30, 2016
 
 
 
 
Earnings:
 
 
Earnings before income taxes
$
304.7

 
Fixed charges
46.7

 
 
$
351.4

 
 
 

 
Fixed charges:
 

 
Interest (expensed or capitalized)
$
18.8

 
Estimated interest portion of rent expense
27.9

 
 
$
46.7

 
 
 

 
 
 

 
Ratio of earnings to fixed charges
7.5

 


 
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings:
 
 
 
 
 
 
 
 
 
Earnings before income taxes
$
660.7

 
$
681.6

 
$
475.5

 
$
368.4

 
$
479.9

Fixed charges
118.4

 
133.6

 
159.7

 
165.1

 
170.2

 
$
779.1

 
$
815.2

 
$
635.2

 
$
533.5

 
$
650.1

Fixed charges:
 

 
 

 
 

 
 

 
 

Interest (expensed or capitalized)
$
38.6

 
$
35.1

 
$
43.2

 
$
42.5

 
$
43.1

Estimated interest portion of rent expense
79.8

 
98.5

 
116.5

 
122.6

 
127.1

 
$
118.4

 
$
133.6

 
$
159.7

 
$
165.1

 
$
170.2

Ratio of earnings to fixed charges
6.6

 
6.1

 
4.0

 
3.2

 
3.8


Note:    The calculation of ratio of earnings to fixed charges set forth above is in accordance with Regulation S-K, Item 601(b)(12). This calculation is different than the fixed charge ratio that is required by our various borrowing facilities.